Here’s the Best Way to Apply for a Credit Card

Applying for a credit card has never been easier. One can opt to apply both online and offline. All you need to do is fill the necessary details on your credit card application that best fits your requirements. Application status will be confirmed after the applicants meet the criteria. For more information, you can contact your preferred financial institution for a credit card apply.

A recent study suggests an approximate disbursal of credit cards drastically increasing to 48.9 million units compared to 38.6 million units last year.

Here’s how you can follow the trend and apply for your credit card in the most efficient way possible –

●     Application criteria

Applicants need to take note of the following eligibility criteria before applying –

1. Age limit: The minimum age limit to apply for a credit card range from 21-60 years.
2. Documents required for a credit card apply: The applicant must submit documents that include your Aadhar card, PAN card, cancelled cheque, and an ECS mandate form signed by the respective financial organisation.
3. Citizenship: The applicant must be a citizen of India. Few financial institutions allow Non-Residential Indians to avail a credit card from within Indian jurisdiction without residence.
4. Status of employment: Candidates can be either employed or self-employed.
5. Income: Financial institutions prefer applicants who range within the income eligibility set by the organisation.

●     Pre-approval

Marking yourself as pre-qualified is one of the most important things you should do before submitting your application. Knowing what the issuers want is exactly how you can ensure a positive pre-approval. The steps often include –

1. Fill out the information on the issuer’s website.
2. A “soft inquiry” will evaluate your pre-approval process.
3. If the requirements are met then you are eligible for an application process.
4. Applicants must undergo a “hard inquiry” after applying for the same.

Leading financiers like Bajaj Finserv provide the feature-rich RBL Bank Credit Card to borrowers. It comes with multiple borrower-friendly benefits such as easy and minimum documentation, simple-to-meet eligibility criteria, etc.

●     Checking your credit score

A credit score or CIBIL score is the summary of your past records in financial management. Your score usually reflects your past records on loans and credit cards approved by different financial institutions, ranging from 300 to 900. Banks provide unsecured loans to the customers solely on their CIBIL credibility. However, an ideal score should be above 700.

●     Choose your best fit

You can choose a card that fits your needs. Cards that will give you cashback on purchases or travel benefits while you’re on the move can be a good option for some applicants. Some credit cards provide welcome rewards on online purchases giving cardholders more flexibility in transactions. Further, offering interest-free cash withdrawal from ATMs and emergency loan facilities with other rewarding travel benefits of a credit card.

●     Credit card apply against fixed deposit or savings account

There might be scenarios where the cardholders are unable to make certain payments due to a lack of credit. That’s when a secured credit card comes into play. A secured card is backed by financial deposits from your other accounts (fixed deposit, savings account). Further, it acts as collateral on your account when you are unable to make payments. Such cards can also be used to maintain a proper CIBIL score.

Further, it summarizes the preferable ways one can make in selecting credit cards, befitting his/her desires and needs. It is vital for borrowers to know how to use a credit card wisely and refer to leading credit card issuers for maximum benefits and features.